The Future Of The Indian Workforce

Indian companies are on the cusp of a major workplace transformation. Changing employee preferences, exacting compliance requirements and frequent technological disruptions are redefining the present and future of work in Indian companies. No doubt it's a daunting challenge for these companies, but they must be up for it!

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HSBC's Future of Work report, based on a survey of global business leaders and over 219 Indian firms, reported that around 89% of Indian businesses saw a ¡®strong' relationship between investment in the workforce and profitability over the long term.

Companies are now willing to invest in their workforce, and this is a positive sign for India Inc. and the country at large. But no transformation is easy without leveraging the core competency of the human resources (HR) function. After planning and setting expectations with the stakeholders, speedy and steady execution has to happen. HR has to get started by finding ingenious ways to improve productivity, engagement and loyalty. A digitally empowered HR will not only use the best of technology to accomplish this task but also attempt to foresee the workforce trends in tomorrow's workplace.

The findings of research by firms like Gartner, PwC, McKinsey, LinkedIn and Monster.com
show that the future of the Indian workforce will witness a sea change in the coming days.
Let's quickly go over a few trends that are likely to become entrenched in the future.

Work arrangements will have alternatives

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Full-time or permanent work will no longer be the only form of work. Gig workers, temporary workers and platform workers will be in high demand. Businesses can leverage each or all of these options to tap into a larger pool of diverse talent. As a result, employers can optimise manpower costs while the workers can work on their terms. This is a win-win situation
for both!

According to a first-of-its-kind report by NITI Aayog, the Indian gig workforce is expected to expand to 23.5 million workers by 2029-30, a nearly 200% jump from 7.7 million now.

Flexible work will become the new normal

Work no longer means being confined to the four walls of the office premises. The pandemic made remote work and hybrid work the new necessities. Several organisations across verticals are already encouraging their employees to work from the location of their choice. This trend will continue in the future. But the focus will be more on productivity and innovation and less on how work is performed.

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A Gartner survey of CFOs and finance leaders revealed that 74% of the respondents intend to permanently shift some employees to remote work.

A cultural shift will become a must

Respect, inclusion and equality are some of the key aspects that influence an employee's
life at work. Therefore, all organisations will focus on creating a bias-free workplace
that inspires learning, innovation and collaboration. Only then can they succeed in
acquiring and retaining top-notch talent.

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According to a LinkedIn report, improved work-life balance, more appreciation and, most importantly, better salary are the top reasons that can convince professionals in India to stay with their current employer in 2022.

Cutting-edge skills will become essential

Although organisations have been tackling the challenges posed by the Great Resignation, the demand for unique skill sets will continue to soar. Experts in data science, cloud computing, artificial intelligence, machine learning and blockchain will have more takers. Even the traditional functions, like HR and finance, will prefer only people proficient at using new-age software tools (e.g., HR tech for HR).

Managers have to be role models

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The relationship between managers and team members will not be based only on hierarchy. Trust and camaraderie will become the overarching themes of management. While managers will be accountable for individual and team performance, they'll be expected to inspire and empower people continually. Additionally, the onus of grooming team members into future leaders will be on their shoulders.

Wellbeing matters more than ever

Work-life balance can't just be an elusive aspiration. Since there is a discernible increase in the stress levels of today's workforce, the accent of companies will be on the holistic wellbeing of employees. Workspaces will become safer and healthier. More facilities for relaxation and unique benefits will be added to provide an overall positive employee experience.

Data and analytics will give HR an extra edge

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The tasks of hiring, retaining and developing employees will become even more complex in the future. But analytics tools will deliver the necessary insights to help HR acquire the right talent and curb attrition. They will also garner insights related to a cascade of factors, including performance, satisfaction and aspiration, to mention just a few.

Concluding thoughts

Organisations in India are not oblivious to the fact that the pandemic is still around. Although many of the workplaces were hamstrung by multiple hurdles, many resolved to face the issue head-on and succeeded. They would undoubtedly owe their success to the tireless efforts of their HR, steadfast support of their people, alacrity to embrace the latest trends and the technologies they chose to deploy. Moreover, everything that's changing now also paints an optimistic picture about what's in store for the future of Indian workforce.

About the author: Sayeed Anjum is the Co-Founder and CTO, greytHR Software. All views/opinions expressed in the article are of the author.